Last year the Department of Justice won the anti-trust lawsuit against Penguin Random House when it had tried to acquire Simon & Schuster. The financial penalties led PRH to eliminate a good number of people from top executive positions. Not surprisingly, some of those great minds decided there might be a different business model for book publishing worth investing in and have started Authors Equity. Madeline McIntosh (former chief executive of PRH) Don Weisberg (former chief executive of Macmillan) and Nina von Moltke (former president of strategic development at PRH) provide executive leadership for Authors Equity with investments from some big name authors including Louise Penny and Tim Ferriss. Their business model signals an inflection point in publishing. Authors Equity won’t offer a contract with money upfront or guarantee payment, but it promises to provide authors with 70% of the profits in return for an initial investment. Successful authors recognize a better deal than 5% net profit on their books with traditional publishers. Subsidy publishing has gone mainstream. Advances on copyright royalties have dropped so low in recent years that it is untenable for authors to spend a year or two writing a manuscript for a few thousand dollars. Increasingly, agents are unable to sell manuscripts to the top trade publishers who are only acquiring new projects from authors who have previously had blockbuster sales. I now hear traditional publishers referred to as “legacy” publishers. There is a fundamental shift of financial risk from the publisher to the author underway.…
Labor Day starts a new season for most people. This is true in publishing, too. Fall releases of new books ramp up until the holiday season. Acquisition editors begin in earnest this time of year to put together their next catalog and plan for the one after that. Writers like to turn over a new leaf and recommit to their writing goals for the long… [Read More]
Judith Rossner’s 70s novel, August, is about a psychoanalyst and the young adult client she sees during the month when all therapists take vacation. Someone needs to write the novel about an agent and the young adult novelist who pitches in August and hears crickets. Is everyone on vacation in August? Yup. August is about beach books and cabin reads. Swinging in a hammock with a… [Read More]
Six or seven years ago my advice to aspiring authors of nonfiction books was to build an audience platform by blogging. An example of how critical blogging could be to securing a publishing contract can be found in the case of Ann Marie Ackermann, author of Death of an Assassin: The True Story of the German Murderer Who Died Defending Robert E. Lee. After an… [Read More]
Buffalo Street Books in Ithaca is very excited to host local author Alice McDowell for an evening of readings and conversation about her newest book, Dance of Life: Christian, Sufi, and Zen Wisdom for Today’s Spiritual Seeker. Q&A to follow, led by Maureen O’Brien. Event date: Sunday, March 27, 2022 – 7:00pm to 8:00pm McDowell writes about the spiritual journey as a captivating dance. In a clear and… [Read More]
Author of Queen of the Mountaineers and American Daredevil, Cathryn J. Prince has signed a publishing contract for her next book, For the Love of Labor: The Pioneering Life of Pauline Newman, with University Press of Kentucky for a 2024 release. Before Greta Thunberg, Emma Gonzalez, or Malala Yousafzai, there was Pauline Newman. She had been union organizing since the age of 16 before the… [Read More]